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It's called capex Boohoo. The Li and Ta pilot plant/circuits are costing $6-8m and are being built now, plus ATM are still actively drilling and adjusting the mine layout (both costly). Even if they hit the expanded phase 1 tin in concentrate target of 60 tpm, and manage to sell at $30k ton (only just reached), their margin on the latest AISC is ~ $8k/ton, so operating profit of $500k/month, max. And for the last few quarters, well below that. Unless you have loan or equity finance you can't pay for the plant construction and other mine costs that are currently happening. Your previous comment that finance doesn't matter is way off the mark, it's all that matters right now.

16.78% of the share capital, prior to whatever Orion get, if this financing gets done.

Looks right OhDear, guess this puts Orange Trust's holding at 258m shares as they effectively control Yellow Dragon.
Not sure I get the connection to a background seller in connection to this?
Perhaps this needed to happen prior to the second stage of the finance package, who knows...

Hopefully nesty, someone has just exercised 20m of warrants @ 1.95p so maybe they know too! Sure we'll be last to get the news. Having closely tracked alphamin for the past few years, ATM has now lagged this other pure tin miner by 40% over the last month, not reflecting any of the improvement in tin prices as far as I can tell. So much for hitting the ground running in 2023..

Finally shipped some phosphate, hope the board can now give some clarity on revenues going forward. And how much of the company has been given away to achieve this.

GA, the grades are low (historically always have been) but close to the surface and fairly easy to extract. It's definitely a high-volume resource.
This long release basically tells the market what it already knows, just more padding from AV, dressing the shop window. Hence very little in the way of a price move.
200mt doesn't matter much if you haven't got the finance to ramp up or build the separate circuits - this is currently all about financing. Unless it is AV's intention to admit he can't secure the funding in which case it'll be a JV or sale. Over 4 months to get agreement on a bank loan is pretty weak.

for a (as yet) non-producing african lithium miner (Kodal) going down - $100m of funding to bring it to production, for 51% of the equity. Values the jv at $189m and the cash flows suggest an NPV of $420m. Kodal are carried to production and retain 49% of the operating profits. Key finance, brings production to market in 12 months, rather than the hazy 2026 onwards ATM seem to be happy with.
When are ATM going to put the finance in place the lithium production sorely needs..? It's no wonder the share price is stalled, despite the increase in tin prices.

It's all detailed in VSA's research note that was published this morning. Available via the Research Tree website.

Nothing officially announced CT, AV has been quoting in interviews that ATM has raised the full amount of the financing package, but without confirmation by the company I don't see how this can be the case. It's clearly an immediate requirement for their capex plans for 2023, and I expect we'll hear something soon as my guess is that the long holiday in SA over the past month has probably delayed progress.

Further positive news today on the LODES competition - the funding (£11m towards project costs), if they're successful in phase 2, is apparently in the form of capital grants on a matched basis being provided by IES, leaving them with a requirement to find up to the same amount. What portion comes from the undrawn CLO is not clear, hopefully little or none of the amount. Which implies a significant equity raise?

Hi BB, it was part of a wider note from Martin Hall @ Hardman & Co

Well, I took advantage and picked up another 100k @ 10.97. See that Odey now count for 11.7% of the shares. Comments below from a recent note on AVO:

Next steps: AVO is linking the proton beam to the patient positioning system
in the treatment room, while its clinical partner is doing commissioning and
validation procedures ready for the first patient treatments in 2H’23. These
form part of the US and EU regulatory processes to get formal certification.
? Risks: Completion of the full-energy accelerator has moved LIGHT from
technological risk to execution risk. More capital will be needed to complete the
project with management considering all the options available, which might
include upfront payments as part of any commercial deal.
? Investment summary: AVO is close to the finishing line with its first fully
operational LIGHT system. Despite becoming the first linear accelerator to
achieve the 230MeV milestone, the shares have languished because of the time
needed until first patient treatments and an incorrect read-across to AVO by
the demise of Rutherford Health. The current EV represents a 34% discount to
the investment made in the project to date, which seems unjustified.

Summary of TP's relatively brief note this morning, no surprise on the low profile approach, for now..

While recognising the importance of the above points, it is likely that the Board will continue to maintain a
relatively low profile at this time, as it endeavours to sustain the Group’s strong organic growth trajectory, in tandem
with continued cost reduction as operations are moved onto a sustainable long-term footing. Having achieved this,
a more comprehensive vision for DeepVerge’s future is likely to be presented to investors.
Although DeepVerge has managed to sustain quite dramatic expansion across its three core divisions (that are
connected by data analysis, artificial intelligence (‘AI’) and bacteria science) over the past several years, the
financial management of this growth has proven to be the Board’s biggest challenge as it attempted to transition
from more elementary, lower margin unit sales to higher value-added, longer-term customer solutions with mass
market appeal. The restructured Board of Directors has strengthened reporting lines and controls, and intends to
introduce additional skills and experience necessary to sustain this ambition. Equipped with this, DeepVerge
remains confident that it can continue on its current growth trajectory which, in turn, provides sufficient
momentum for it to target becoming cash flow positive in H2 2023.

Q3 was always going to be a car crash for revenues and margins, and so it turned out. Good news is that November finally shows the potential of the expanded tin plant, and it looks promising. Helped nicely by a recovery in the spot price.
I’d hazard a guess that the worst point for the mine’s profitability is now in, and as the operating costs fall significantly below $20k/tn, new investors will see ATM as at least cash flow positive until the Li circuit can be commissioned to get to the magic zero cost production AV has promised.
Should be back over 5p and then looking at 6p again pretty soon..
PD

Noteholders are restricted from short selling until repayment of the Facility.

some excerpts from the CG research note:
We now estimate that Invinity has taken in around US$30mn (£24mn) in
orders year-to-date, as compared to our estimate of revenue this year of US$12mn
(£10.5mn), and our revenue forecast for 2023E is now essentially fully covered by
existing contracts. We note that Invinity is continuing to market aggressively and is
ambitious for further project awards before year end. Everdura is also making an upfront
payment imminently.
In addition, we note Invinity's award in the UK LODES competition
announced in February 2022, which we continue to expect to lead to a significant
contract award, likely to be larger than the Everdura order, perhaps as early as 1Q23;
this would likely underpin the majority of our forecast 2024E volume.

Potential for Project Mistral

Invinity has been pursuing the next
generation of its flow batteries in a
joint development and commercialisation
project with Siemens Gamesa Renewable
Energy (SGRE), now to become part of
Siemens Energy (ENR1 GR | Not Rated).
We expect these units to be lower cost,
higher energy density products which
could be ready as early as summer 2023E.
They could be delivered into Invinity's
contracts from there, which would create
the potential for significantly higher gross
margin as well as higher manufacturing
productivity.

Earnings outlook: shift to positive gross margin in 2023E
Whilst Invinity has the largest installed portfolio of any modular flow battery business,
its technology remains relatively early stage, and we expect significant further falls in
costs, faster than falls in unit price, as volume grows. We expect a positive gross margin
in 2023E shifting to a positive EBITDA two years later; one of the attractions of Invinity is
its low capital intensity and we see the group being able to achieve much higher volume
with limited additional capital.

The Canaccord research note from Dec 2 makes for interesting reading, not just on Evedura but also UK LODES, Siemens Gamesa and others in the contract pipeline for 2023..buckle up

Agree Mozax, when you have Schroders as your largest shareholder with 26%, and a raft of similar long-term investors dominating the register, there's very little float available for periods like this when the retail market switches on to the story again. I'm long 200k at an average of 70p but I don't see a problem with that becoming a double within 12 months. VSA's most recent note, post the latest news, has them sticking to their £1.80 price target.

I'm surprised he publically stated that the company had secured >$50m via the fundraises - that's clearly not yet the case, the final two parts have yet to be confirmed. The SP would be very different if they had IMO.

The Development Bank of Namibia (DBN) approved a conditional US$5.8 million lending facility, previously announced on 5 July 2022, and as updated in the Company's audited financial results, which provides another component of AfriTin's Proposed Funding Package. Although this has been approved by the credit committee and board of the Development Bank of Namibia, there are certain conditions precedent that need to be adhered to, including completion of final legal documentation. At this stage there can be no guarantee the DBN facility will be entered into, or that any funds will be drawn down, but AfriTin Management have every confidence that it will be. The Directors confirm that this has now been extended such that completion is anticipated during Q1 2023. A further update will be provided when it is entered into.



Furthermore, global asset management firm Orion has been proposed as a key strategic investor for AfriTin, providing a conditional US$25 million (c. £21.5 million) investment, via Royalty (US$12.5 million), Convertible Note (US$10 million) and Equity Conscription (US$2.5 million), which the firm will manage. Orion has a strong history of cultivating sustainable shareholder value in the mining sector, as well as boasting a unique ability to identify growth opportunities at an early stage. As such, their interest in AfriTin provides a compelling endorsement of our current work and future endeavours. This Orion funding package remains subject to the satisfaction of certain conditions and approvals, including due diligence and agreeing definitive documentation, but the Directors anticipate it will be concluded in Q1 2023.

Ag, not sure i'd agree with all miners being off the menu, glencore recently hit an all time high. Loss-making, junior miners, with -ve cashflow, well, that's different.
Posting news on drilling successes, when the company is struggling to raise the finance it needs to bring lithium into production, seems pretty pointless. One thing it does achieve is to dress the front window a little more to prospective buyers, but until these numbers are firmed up and made compliant, even that has a negligible impact.
How AV can even claim to be accelerating the by-product streams, when the funds needed to do it are uncertain, and at best won't be available until next year, is laughable. If it's such a great opportunity, why aren't these investors/lenders climbing over each other to sign?
The goof from H1 when the company effectively lost £1.4m of revenue due to not securing firm prices for the tin is also pretty embarrassing. No wonder the CFO went walkabout..
Come on AV, find us a buyer and we can move on.